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Bankrupt Company News is the most trusted source for up-to-date corporate bankruptcy news. We're dedicated to providing detailed and timely information on Chapter 11 filings, corporate restructurings, businesses experiencing distress and more. Our contributors update daily, and all information is drawn directly from the 94 U.S. Bankruptcy Courts and other primary sources. Learn more about all the most recent bankruptcies filed at BankruptcyData.

Crossroads Systems filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of Texas, case number 17-51926. The Company, which operates as an intellectual property licensing company, is represented by Eric Terry of Eric Terry Law. Concurrent with the Chapter 11 petition, the Company also filed a Prepackaged Plan of Reorganization…

On August 9, 2017, S&P Global Ratings lowered its corporate credit rating on Hornbeck Offshore Services, Inc. to SD from CCC- and its convertible notes due 2019 to D from CCC. According to S&P Global, the downgrade follows the disclosure that Hornbeck Offshore has completed a debt exchange, whereby holders of $200 million of its…

In Form 10-Q filed on August 8, 2017, EXCO Resources, Inc. announced operating and financial results for second quarter 2017. According to EXCO Resources, the Company’s liquidity is not expected to be sufficient to support the cash interest payments due under its outstanding indebtedness for the following twelve-month period or to repay the outstanding indebtedness…

BankruptcyData’s detailed analysis and summary of Implant Sciences’ First Amended Joint Plan, dated June 14, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on August 3, 2017; however, an effective date has not yet been issued. BankruptcyData notes, “The Plan provides for the substantive consolidation of the Debtors and provides for the…

The U.S. Trustee assigned to the Grandparents.com case filed with the U.S. Bankruptcy Court an objection to the Company’s Disclosure Statement. The Trustee asserts, “This case contains specific facts and circumstances that have not been seen in this Court before. To wit, the extraordinary relationship between the Debtors and VB Funding. A relationship so close…

Peekay Boutiques filed with the U.S. Bankruptcy Court a motion for an order approving bid procedures in connection with the solicitation and acceptance of higher and better bids, as set forth in the asset purchase agreement by and among the Debtors and TLA Acquisition, relating to the sale of substantially all of the Debtors’ assets,…

Fair Lakes Crabhouse, Washingtonian Associates and Navillus Group (collectively, “Objecting Landlords”) filed with the U.S. Bankruptcy Court an objection to Ignite Restaurant Group’s sale motion. The objection asserts, “Now that Landry’s has been deemed the Prevailing Bidder, it has proposed in its adequate assurance information to set up certain indirect wholly owned subsidiaries to assume…

BankruptcyData’s detailed analysis and summary of A.M. Castle & Co.’s Amended Prepackaged Joint Chapter 11 Plan of Reorganization, dated July 25, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on August 2, 2017; however, an effective date has not yet been issued. BankruptcyData notes, “Upon emergence from chapter 11, the Reorganized Debtors…

Payless’ Fifth Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on July 26, 2017. The Company exits bankruptcy with about 3,500 brick and mortar stores and substantial liquidity after eliminating in excess of $435 million in funded debt. Payless also announced…

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